The Star: March 26, 2020

HOW THE CORONAVIRUS
COULD IMPACT NZ’S
FINANCIAL SECTOR
A leading New Zealand fintech experts says the
coronavirus is significantly affecting the Kiwi
financial sector and the economy.
FintechNZ general manager James Brown says
the impact has begun, but he is not sure for how
long.
“It could grow demand for certain insurance
types. The virus has resulted in more awareness
of insurance and could increase demand for
health and life coverage, as well as business
interruption and sport, music, conference event
cancellation coverage,” Brown says.
“Insurances companies are often cautious in
what they cover and most don’t include things
like a pandemic, certain infectious diseases so
the virus should not harm these companies.
“For some insurance companies, the virus could
be a good thing. Health and life insurance could
grow with more people looking to get cover.
Insurance for event cancellation will be on the
rise.
“We are an island nation, so we have some
advantages. Technology will keep us connected,
secure and sensitive conversations will continue
to take place.
“Companies with digital products will do really
well during this time. Are banks prepared to
support their customers that don’t use digital
products or have smartphones?
“Stock markets have been fidgety in the past
few weeks, with some New Zealand analysts
suggesting or talking about a recession. In the
US, the Federal Reserve has already applied an
emergency rate cut, which is the biggest since in
the US since the global financial crisis (GFC).
“A leading global investor Goldman Sachs
will from today divide its 38,000-plus global
workforce between offices, back-up sites and
home in response to deal with the virus.
“This comes hard on the heels of rival
JPMorgan announcing similar measures to
protect staff from Covid-19.
“In New Zealand we’re seeing the virtual world
of business growing rather than the in person
handshake protocols. COVID-19 could easily
lead to re-thinking work and business.
“Many of the big fintech companies, such as
Xero, Montoux, Vend and TSG will be making
smart decisions. Today, we could say the Future
of Work is here and COVID-19 is accelerating
and forcing the coming together of digital and
physical assets,” Brown says.
FintechNZ is part of the NZTech Alliance
which represents more than 1000 businesses
and organisations.
James Brown.
5
LIVING
LIFE
ECONOMY
“So as long as companies can measure the
output and not the input, we will increase our
productivity levels, attract more talent and grow
investment into New Zealand.
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